Treasure Secretary Janet Yellen admitted to the U.S. Senate Thursday that the federal government is selecting winners and losers within the rigged financial institution bailout lottery. And wouldn’t you already know it, the losers certain seem like the smaller neighborhood banks the large banks (and Democrats) would like to see eradicated.
Oklahoma Republican Sen. James Lankford requested Yellen a quite simple query:
Will the deposits in each neighborhood financial institution in Oklahoma, no matter their dimension, be absolutely insured now? Are they absolutely coated, each financial institution, each neighborhood financial institution in Oklahoma, whatever the dimension of the deposit? Will they get the identical remedy that SVBP [Silicon Valley Bank] simply bought or Signature Financial institution simply bought?
Please look very intently at Yellen’s terrifying reply:
A financial institution solely will get that remedy if a majority of the FDIC board, a brilliant majority of the Fed board and I, in session with the president, decide that the failure to guard uninsured depositors, would create systemic danger and vital financial and monetary penalties.
In different phrases, if the FDIC likes your financial institution, the depositors are insured. If not, the depositors usually are not insured over $250,000, which suggests what?
It implies that individuals will withdraw their cash from neighborhood banks and hand these deposits over to a handful of fascist large banks that not solely personal nearly all of the banking however will refuse to do enterprise with you should you maintain sure political beliefs they discover offensive… Oh, and you’ll guess these political beliefs they discover offensive will always-always-always be conservative opinions.
Lankford understands what these corrupt crony capitalists are as much as and follows up with this:
“So what is your plan to keep large depositors from moving their funds out of community banks into the big banks?” Lankford requested. “We have now seen the mergers of banks over the previous decade, and I’m involved you’re about to speed up that by encouraging anybody who has a big deposit in a neighborhood financial institution to say, ‘We’re not gonna make you complete, however should you go to one in every of our most well-liked banks, we are going to make you complete at that time.’
Now that Yellen had been uncovered and busted, she selected to reply this vital query by taking part in silly…
“Look, I mean, that’s certainly not something that we’re encouraging,” she stated.
Lankford responded with the plain: “That is happening right now!”
Yellen’s fool act continued:
That’s occurring as a result of depositors are involved in regards to the financial institution failures which have occurred and whether or not or not different banks may additionally fail…
Lankford once more tried to get her to reply the one query that mattered…
No, it’s occurring since you’re absolutely insured it doesn’t matter what the quantity is should you’re in an enormous financial institution. You’re not absolutely insured should you’re in a neighborhood financial institution.
Watch the complete testimony under. It’s just a few minutes…
Should watch. Yellen has no thought the right way to reply the query and admit they’re arbitrarily making it up as they go. Senator Lankford stays pointed and calls it as it’s. Actually terrifying.
— Autism Capital (@AutismCapital) March 17, 2023
I hope everybody understands what’s occurring right here…
By informing the general public that their cash is just secure in these huge banks the Democrat celebration favors, everybody will deposit their cash within the huge banks and successfully bankrupt neighborhood banks or pressure them to surrender the ghost to the large banks.
That’s simply the 1st step.
Step two is worse.
As soon as the large banks management all the cash, they will even management all the things else, together with what sort of enterprise you’ll be able to run, what you’ll be able to and can’t say on social media, and what opinions you’ll be able to maintain…
How would you prefer to reside in a world the place a gun retailer has no place to financial institution or run a bank card cost?
How would you prefer to reside in a world the place a mall proprietor can not lease to a gun retailer?
How would you prefer to reside in a world the place your accounts are closed should you tweet a organic truth like, “Trans women are men?”
You may not wish to reside in that world, however that’s the world the Democrat celebration seeks, so they’re within the means of intentionally undermining religion in neighborhood banks.
It’s all the time about management by means of centralized energy.
By no means let a disaster go to waste.
Observe John Nolte on Twitter @NolteNC. Observe his Fb Web page right here.
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